Economy

Canada added 245,800 jobs in August

Canada added 245,800 jobs in August”

A weekly report from the U.S. Department of Labor showed that number fell by about 3,000 compared to the prior week.

Nonetheless, the result was better than expected.

"In August, 24.2 million persons reported that they had been unable to work because their employer closed or lost business due to the pandemic-that is, they did not work at all or worked fewer hours at some point in the last 4 weeks due to the pandemic".

No matter how it is interpreted, the result was worse than any single week of the 2008-2010 global financial crisis, reflecting the ongoing damage from business shutdowns that began in the United States in March in an effort to stem the pandemic.

The number of people who are on temporary layoffs has continued to decline. "We're looking at long-term unemployment as a huge issue". "We still see economic growth slowing as we get into the fourth quarter, as the boost to activity from re-opening fades, but the summer rebound has been stronger than we initially thought".

More news: Province announces 18 new cases, no hospital data available

Moreover, important parts of the stimulus that was supporting the economy began expiring at the end of July. And lawmakers in Congress have not been able to reach an agreement with the White House on an extension, despite lengthy negotiations.

In another encouraging trend, the number of people continuing to collect unemployment after earlier filing an initial claim dropped by 1.24 million to 13.325 million during the week ending August 22, the Labor Department figures showed.

The hiring lowered the national jobless rate to 10.2 per cent, from 10.9 per cent in July, and brings the number of jobs recovered since the height of the pandemic to 1.9 million.

"While Wall Street hits record highs, much of Main Street remains in severe distress", Ron Temple at Lazard Asset Management said.

Also, a longer-term view of the US labor market shows that job growth is expected to slow significantly over the next decade compared to the employment boom during the longest economic expansion in USA history, which was thrown into a tailspin by the outbreak of the CCP (Chinese Communist Party) virus.



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